14 November 2019 I Rotterdam, the Netherlands

Refresco reports Q3 2019 results

Agenda

• Refresco at a glance

• Q3 2019 highlights

• Financials

• Key takeaways

• Q&A

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Refresco at a glance

14-11-2019 Q3 2019 results 3

Q3 2019 highlights

Solid results: buy & build strategy in action

• Volume 2.9 billion liters, down 3.8% on Q3 2018, in line with market developments

‒ Discontinuation of non-profitable volumes in the UK and low margin water volumes in the US

• Gross profit margin €446 million, up 9.2% on Q3 2018

• Gross profit margin per liter 15.3 euro cents vs. 13.5 euro cents in Q3 2018

‒ Synergies from former Cott’s bottling business

‒ Shift in customer offering towards higher margin products, increased complexity and more services

• Adjusted EBITDA €128 million, up 32% on Q3 2018

• Working capital improvement of €74 million compared to Q2 2019 and €9 million compared to last year despite acquisitions

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Integration of Cott’s bottling business progressing well

• Synergy plan update

‒ Overhead synergies achieved in full in North America and the UK

‒ Procurement synergies outperforming our plan

‒ Operations synergies in progress and expected to take full effect in the coming 12 months

• Objective to fully realize run-rate savings within 24 months after acquisition

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Growth strategy accelerated

• Buy & build strategy in full force

‒ Refresco acquires Coca-Cola European Partners’ Milton Keynes site in the UK

‒ Refresco forms a strategic partnership with PepsiCo in Spain

‒ Refresco to acquire Britvic’s three juice bottling facilities in France

‒ Refresco acquires AZPACK in Arizona, USA

• From bottler to beverage solutions provider

‒ Creation of a new role of Chief Commercial Officer (CCO) in the Executive Committee

‒ COO Europe Vincent Delozière assumed the CCO role as of October 1, 2019. Dieter Schulz to take on the COO Europe position as of January 13, 2020.

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Q3 2019 Financials

15-08-2019 Q2 and HY 2019 results 7

Key financials Q3 2019

14-11-2019 Q3 2019 results

In millions of € unless stated otherwise

(Unaudited) 1,2,3Q3 2019 Q3 2018 YTD 2019 YTD 2018

Volume (millions of liters) 2,905 3,019 8,489 8,332

Gross profit margin 446 408 1,319 1,163

Gross profit margin per liter (euro cents) 15.3 13.5 15.5 14.0

Adjusted EBITDA 128 97 343 240

Net profit/(loss) 15 4 7 (60)

Adjusted net profit/(loss) 17 14 14 31

Net debt42,741 2,400

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1 All values are rounded to the nearest million unless otherwise stated. YTD 2018 figures relate to Refresco Group N.V. for the period January 1, 2018 - March 31, 2018 and to

Sunshine Top B.V. for the period April 1, 2018 – September 30, 2018.

2 Cott's bottling business in North America and the UK was consolidated in Refresco's financial information as of January 30, 2018.

3 Q3 2019 and YTD 2019 figures include IFRS 16 effect. Preliminary estimate of the IFRS 16 related EBITDA improvement is in a range of €74 million (+/-10%) for the full year 2019.

4 Net debt in Q3 2019 includes €108 million shareholder funding. Preliminary impact of the IFRS 16 Leases is €333 million (+/-10%) for the full year 2019.

Increase in gross profit margin per liter

• Solid gross profit margin per liter improvement.

• Q3 2019 increase reflects synergies from the Cott acquisition and a shift towards higher margin products.

• Focus on innovation into new packaging, smaller formats, more sustainable use of materials and value-added products.

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13.8 13.9 13.5

15.3

14.1 13.8 14.0

15.5

0,0

2,0

4,0

6,0

8,0

10,0

12,0

14,0

16,0

2016 2017 2018 2019

Gross profit margin per liter (in euro cents)

Q3 YTD

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Reconciliation of operating profit to adjusted EBITDA

In millions of € (Unaudited) Q3 2019 Q3 2018 YTD 2019 YTD 2018

Operating profit / (loss) 58 45 128 54

Depreciation and impairment 39 35 120 98

Amortization of intangible assets 12 4 37 10

Depreciation – IFRS 16 17 - 49 -

EBITDA 126 84 334 162

One-off costs / (benefits) 3 13 9 78

Adjusted EBITDA 128 97 343 240

Adjusted net profit / (loss) 17 14 14 31

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Working capital

• Working capital €94 million vs. €103 million in Q3 2018

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Working capital (€m)

2018

Q3 2019 results

2019

77

58 5542

185

156

103

49

172 168

94

1 2 3 4 5 6 7 8 9 10 11

2017

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Balance sheet and financial position

• Net debt at the end of Q3 2019 was €2,741 million, including €341 million impact of IFRS 16 Leases.

• Cash position of €293 million as of September 30, 2019.

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In millions of € (Unaudited)30 September

2019

30 September

2018

Total assets 4,968 4,485

Total non-current assets 3,685 3,226

Total current liabilities 957 946

Total equity 835 882

Cash and cash equivalents (net of overdrafts) 293 198

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Key takeaways

Key takeaways

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Solid overall Q3 results

Gross profit margins up

Continued synergies from Cott acquisition

Buy & build strategy in full force

Increased focus on more innovative and sustainable products as we move

from bottler to beverage solutions provider

Key takeaways Q3 2019

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Appendix: Cash flows

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In millions of € (Unaudited) Q3 2019 YTD 2019 YTD 2018

Adjusted EBITDA 128 343 240

Working capital change 58 (32) 27

Net cash operating activities 157 208 104

Net cash investing & acquisition activities (17) (140) (2,712)

Net cash (used in) / from financing activities (18) 83 2,666

Movement in cash 125 153 52

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Appendix: Reconciliation from operating profit to adjusted net profit

In millions of € (Unaudited) Q3 2019 Q3 2018 YTD 2019 YTD 2018

Operating profit / (loss) 58 45 128 54

Net finance cost (38) (34) (114) (125)

Profit / (loss) before income tax 20 11 14 (71)

Income tax (expense) / benefit (3) (6) (2) 16

Minority interest (2) (2) (5) (5)

Profit / (loss) 15 4 7 (60)

One-off cost EBITDA 3 13 9 78

One-off cost Finance cost - - - 43

Tax effect on one off costs (1) (3) (2) (30)

Adjusted net profit 17 14 14 31

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Appendix: Net debt as of September 30, 2019

In millions of € (Unaudited) Amount

Cash and cash equivalents (293)

Senior notes (EUR) 445

Term Loan B (equiv.)12,154

Mortage Loan 18

RCF -

Finance leases 2

Capitalized finance costs (36)

Other loans 3

Net debt excl. IFRS 16 effect and shareholder loan 2,293

IFRS 16 Lease liability 341

Shareholder loan 108

Total net debt 2,741

All values are rounded to the nearest million.

1 Represents the euro-equivalent aggregate amount outstanding under the Term Loan B (denominated in EUR, USD and GBP).

Preliminary impact of the IFRS 16 Leases is €333 million (+/-10%) for the full year 2019.

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